An allocation is said to be efficient when all opportunities to make people better off (without making someone else worse off) have been exhausted. An allocation is said to be _________________ when everyone gets their “fair share”.

The price elasticity of supply is computed as the percentage change in _____ divided by the percentage change in _____.

Look at the figure below: Demand and Supply of Gasoline. What might cause the supply curve to shift from S2 back to the initial supply curve S1?

What is separation of duties? How can it be used to improve an organization’s information security practices?

What are the five strategies for controlling risk?

Assume the following group of 150 potential insured’s for health insurance:                             High risk group (50 potential insured’s)               Expected Annual Cost of Health Care Expenditures = $3600/insured                 Medium risk group (50 potential insured’s)               Expected Annual Cost of Health Care Expenditures = $2400/insured                 Low risk group (50 potential insured’s)               Expected Annual Cost of Health Care Expenditures = $1200/insured       Also assume that the insurer is unable to distinguish one class from another and yet the   insured’s have good information regarding their particular risk.   Provided that the pure premium charged is based on the expectation that all would participate, what problem would the insurer encounter if the insured’s are able to elect not to participate? Briefly explain.

The new crops and farming practices arriving from Asia spread rapidly in

The incidence of a tax:

What is one of the three reasons given in class why subrogation is included in the insurance contract?

Which of the following policies is MOST likely to reduce traffic congestion in a large metropolitan area because people usually exploit opportunities to make themselves better off?